There may not be any sector in the auto industry where reconditioning is more important than the auction business. When cars flow through the physical lanes or online sales, it is key they are in top condition to catch potential buyers’ eyes.  This is especially true as the digital auto auction industry continues to grow at a lightning pace. Strong reconditioning services can put buyers’ minds at ease, even if they can’t kick the tires before making a purchase ... [Read More]

While still a relatively small piece of the overall wholesale market, the tide is turning for electric vehicles at auction. There were close to 9,800 electric vehicles sold through Manheim’s wholesale channels in the first quarter, an all-time high. It also beat year-ago figures by 40% and was 82% higher than Q1 of 2021, parent company Cox Automotive said during a presentation last week around the latest Manheim Used Vehicle Value Index. The 9,796 EVs sold through Manheim in Q1 also ... [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.  While they currently represent only about 6% of U.S. auto sales, battery electric vehicles are already making their impact felt in dealerships’ service departments. BEV owners’ dissatisfaction with their service experience helped pull down the overall score on J.D. Power’s 2023 U.S. Customer Service Index Study. That needs to be fixed ... [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.  When it comes to giving buyers and sellers accurate information about the condition of vehicles being offered for sale, auction companies are leading way with innovative artificial intelligence and machine learning technology coupled with traditional hands- and eyes-on inspections. Doug Hadden, ACV vice president of field initiatives, said it boils down to this ... [Read More]

Though it appears March did not continue the year-over-year gains from the first two months of 2023, certified pre-owned vehicle sales in the first quarter were close to 9% stronger than Q1 2022 numbers. That’s according to Motor Intelligence’s preliminary numbers as of Thursday that were provided to Auto Remarketing. Through March, there have been an estimated ... [Read More]

This feature is part of Auto Remarketing's upcoming "Beyond the Transaction" edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.  Bek Abdullayev says the driver shortage plaguing the auto transport industry is getting worse. Abdullayev is CEO of Super Dispatch, which he describes as […] [Read More]

Amid climbing new-car prices and interest rates, there’s growing reason for many consumers to choose an alternative. But without low-cost options in the new-car market, pre-owned may be the choice for many, it seems. Hard to believe that in early 2022, the average price of a lightly used late-model vehicle was actually 8.5% higher than its new-car counterpart, according to iSeeCars.com. But times have certainly changed ... [Read More]

To kick off the return of Auto Remarketing’s “4 Questions With” series of Q&As with industry executives, we connect with Jim Hallett, who last week retired as KAR Global’s executive chairman after more than two decades with the company. The following Q&A with Hallett is available to CMG Premium subscribers ... [Read More]

Shift Technologies, which saw its revenues nosedive and other losses deepen in its fourth quarter, announced measures it’s taking to return the company to profitability including the layoff of 30 percent of its workforce since the beginning of 2023. During Shift’s March 28th conference call outlining its financial results for its fourth quarter that ended Dec. 31, and the entire 2022 year, CEO Jeff Clementz said 2022 was “a year of significant change for Shift” and the company has adjusted its strategy to ... [Read More]

It appears that used-vehicle sales for 2023 will be stronger than projected a few months ago, resulting in a market that’s flat compared to 2022, rather than softer. Still, inventory and affordability remain ever-present challenges that dealers must navigate in pre-owned. Or as Cox Automotive senior manager of economic and industry insights Chris Frey put it in a call with the industry and media on Monday, “In the spirit of spring, the used market looks like ... [Read More]